17th December 2025 > > Project K, Visa, & J.P. Morgan.
- Mark Timmis
- 7 minutes ago
- 3 min read
tl;dr
Get your Xmas orders in now for Project K. Both Visa and J.P. Morgan are ramping up the crypto revolution.
Market Snap
Market Wrap
With over half a billion dollars flowing out of the spot BTC ETFs so far this week, I am surprised BTC’s price action isn’t weaker. There will be no Santa Claus rally this year.
Occasional Series – The ideal Xmas present
A gentle reminder that Project K is available in either physical or digital form, centralised or decentralised:
Curious Crypto’s Commentary – Visa
Visa has announced that it is rolling out the functionality for USDC settlement on Solana for all US banks, following a successful launch within Europe and elsewhere in the world, though clearly not in the UK:
Initial participants include Cross River Bank and Lead Bank. We should expect more banks to follow soon, as the benefits of using stablecoins rather than fiat dollars are legion, not least instantaneous settlement 24/7/365. Cryptos pay no heed to the time of day, nor whether it is a weekend, or even a bank holiday. Such restrictions on the movement of cash are just so yesterday.
Rubail Birwadker, Global Head of Growth Products and Strategic Partnerships, Visa, explains the rationale behind this initiative:
“Visa is expanding stablecoin settlement because our banking partners are not only asking about it - they’re preparing to use it. Financial institutions are looking for faster, programmable settlement options that integrate seamlessly with their existing treasury operations. By bringing USDC settlement to the U.S., Visa is delivering a reliable, bank‑ready capability that improves treasury efficiency while maintaining the security, compliance and resiliency standards our network requires.”
It will not be long until 90% or more of dollar transactions are settled internationally using dollar stablecoins, most likely USDC for it is compliant with the US’s GENIUS Act, unlike USDT. Don’t forget that Coinbase is set to benefit hugely from the wholesale adoption of USDC, one of the many reasons why Coinbase will remain at the heart of the crypto revolution.
Curious Crypto’s Commentary – J.P. Morgan
Jamie Dimon, head of J.P. Morgan, famously announced a few years ago that he would fire any of his traders who were involved personally in cryptos. He also claims to believe in capitalism, but J.P. Morgan was one of the first banks to feast on the government teat of bailout money following the Global Financial Crisis, so his personal opinions and beliefs are what might be generously described as flexible.
The bank did experiment with its own private blockchain, presumably labouring under the impression that private blockchains provide the same benefits as public blockchains, which is clearly not the case. A private blockchain may be an improvement over traditional databases but it falls far short of the qualities inherent in the public version.
J.P. Morgan has announced the launch of a tokenised money market fund on Ethereum, a public show of support for Larry Fink’s belief that tokenisation of real-world assets will soon number tens of trillions of dollars in value.
John Donohue, head of global liquidity at J.P. Morgan Asset Management, has a similar vision to Larry’s:
“This marks a significant step forward in how assets will be traded in the future.”
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And here is an example of that future in action today.
Last Thursday, J.P. Morgan arranged a $50mm commercial paper for Galaxy Digital Holdings on Solana as a token for issuance, settlement, and custody:
As the press release makes clear:
“The transaction is one of the earliest debt issuances ever executed on a public blockchain, and among the first in the U.S. to harness blockchain for the issuance and servicing of securities, marking a significant milestone for financial markets globally.”
Jason Urban, Global Head of Trading at Galaxy, explains:
“This issuance is a clear example of how public blockchains can improve the way capital markets operate. By bringing our first commercial paper offering on-chain and helping structure one of the earliest U.S. transactions of its kind, we’re putting into practice the model we’ve long believed in: open, programmable infrastructure that supports institutional-grade financial products.”
The lead investor on this new product? None other than Coinbase.
The crypto revolution is underway, right here, right now. Don’t get left behind.